Considering Foreclosure? Don’t!

March 17, 2011 by  
Filed under Short Sale/Loan Modification Blog

Considering Foreclosure?  Don’t!

The market is on it’s knees, and a ton of us are upside on our mortgages, dealing with negative equity, and plain and simple, living in financial hell.  Foreclosure might seem like a likely option, but before ruining your credit, you might want to consider a short sale: A short sale is a sale of a property in which the proceeds fall short of the total owed.  Short sales save lenders time and effort in trying to collect finances that the homeowner simply doesn’t have.  Sure the lender takes a loss, but everybody avoids foreclosure, which involves hefty fees, load of time, and bad credit for the homeowner.

HAMP, the federal Home Affordable Modification Program is making it possible for those upside on their mortgages to engage in short sales or deeds in lieu of foreclosure.  So before you foreclose on your property, consider a short sale.  After all, you’ll want to shop around in the housing market sometime in the future, and shopping with bad credit is never easy.  Now short sales don’t always pan out, but if you’re having trouble making payments on your mortgage, you have nothing to lose in trying before foreclosing on your property.  So go short, and consider a short sale.

Housing Assist Coldwellbanker